Rathbones’ profit and FUMA rise following integration of IW&I

Rathbones has reported growth in its profit and funds under management and administration (FUMA) following the completion of the integration of Investec Wealth & Investment (IW&I).

The wealth management firm’s profit before tax increased by 53.5 per cent year-on-year to £152.9m at the end of 2025.

Profit growth was driven by synergy delivery, higher average FUMA, and a reduction in the level of integration costs, which fell from £75.5m to £39.9m over the year as the integration progressed.

Underlying profit before tax also increased, by 4.6 per cent to £238.1m at the end of 2025.

Rathbones’ FUMA reached £115.6bn at 31 December 2025, up from £109.2bn at the end of 2024.

Cost and revenue synergies were ahead of Rathbones’ £60m target, with run-rate synergy realisation of £76m at the end of the year, and 2025 was considered the end of the period of synergy delivery related to the integration.

“Following the combination with IW&I, we have continued to build a stronger organisation,” commented Rathbones group chief executive, Jonathan Sorrell.

“Our enhanced scale strengthens our ability to invest in ways that differentiate us: in our investment process, in our client proposition, in our people, and in our technology.

“We are creating a more capable organisation with a clear purpose: to help more people invest their money well, so they can live well.

“In pursuit of this purpose, our aspiration is to be ‘the best wealth manager in the UK, by far’ and we have aligned our strategy accordingly.

“Our goals are for Rathbones to be the first choice for clients, the first choice for talent, the most effective operator and the most reputable brand.

“We are competing from a position of real strength in an attractive and growing market. The opportunities ahead of us are significant, and we have the scale, expertise and ambition to capture them.”

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